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    Dong Wang • Nomura Instinet

    Dong Wang's questions to CDW Corp (CDW) leadership

    Dong Wang's questions to CDW Corp (CDW) leadership • Q1 2025

    Question

    Dong Wang asked for an update on the adoption of AI PCs and also inquired about the nature of CDW's collaboration with Penguin Solutions and its replicability.

    Answer

    CEO Christine Leahy clarified that the current client device sales growth is primarily driven by refresh needs and the Windows 10 expiration, not yet by AI PCs, although conversations are increasing. Regarding Penguin Solutions, she declined to comment on a specific partner but affirmed that CDW works closely with all ecosystem partners to define its value proposition.

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    Dong Wang's questions to Super Micro Computer Inc (SMCI) leadership

    Dong Wang's questions to Super Micro Computer Inc (SMCI) leadership • Q3 2025

    Question

    Dong Wang questioned the potential value-add and margin profile for Supermicro with the upcoming GB300 platform, asking if more open standards could lead to better margins. He also asked for clarification on the lower revenue concentration from the top two customers in Q3.

    Answer

    CEO Charles Liang stated that new technologies like B300 and GB300 always create opportunities for Supermicro, expecting strong demand and a clear technology advantage, especially with their mature DLC-2 liquid cooling solutions. CFO David Weigand explained that the lower contribution from the top two customers was due to the timing of shipments and not indicative of a negative trend.

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    Dong Wang's questions to Super Micro Computer Inc (SMCI) leadership • Q2 2025

    Question

    Dong Wang asked about the current pipeline mix from sovereign AI customers compared to three months ago and whether there's an incremental build in demand from that segment. He also inquired about the potential for NVIDIA to unbundle its supply chain for future products like the GB300, and whether that could allow Super Micro more room for customization and margin expansion.

    Answer

    CEO Charles Liang confirmed that demand from sovereign AI initiatives is increasing, with many more countries now looking to build their own AI infrastructure, making demand a 'worldwide' phenomenon. On future products, Liang stated that technology is unlimited and there are always opportunities to optimize for different applications and verticals, especially in inference. He noted that Super Micro is always hiring engineers aggressively to pursue these opportunities. He also pointed to the 'Datacenter Building Block Solution' as a way to expand their total addressable market into broader data center infrastructure.

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    Dong Wang's questions to Fabrinet (FN) leadership

    Dong Wang's questions to Fabrinet (FN) leadership • Q3 2025

    Question

    Dong Wang inquired about industry-wide ASP trends for 800G versus 1.6T transceivers and the state of merchant supply for 1.6T. He also asked for a refreshed view on the potential for increased outsourcing from 'co-opetition' partners like Coherent and Lumentum under their new leadership.

    Answer

    CEO Seamus Grady stated that Fabrinet does not have specific visibility into customers' ASPs or merchant transceiver pricing trends. He did comment that from Fabrinet's perspective, the price uplift from 800G to 1.6T is less than one might expect due to intensive cost-down efforts. Regarding outsourcing, he confirmed that Fabrinet actively works to secure more business from all customers, including Coherent and Lumentum, but noted it was premature to comment on any specific progress.

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    Dong Wang's questions to Fabrinet (FN) leadership • Q2 2025

    Question

    Dong Wang asked if the 1.6T ramp is facing further delays or other impediments like supply chain issues. He also requested an updated view on the potential revenue run rate from the new Ciena business and if it could become a 10% customer.

    Answer

    CEO Seamus Grady reiterated that the 1.6T ramp timing is dependent on the customer and directed supply chain questions to them. Regarding Ciena, he confirmed the ramp is a fiscal 2026 story but declined to forecast specific customer revenue or their potential to become a 10% customer, citing company policy.

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    Dong Wang's questions to Garmin Ltd (GRMN) leadership

    Dong Wang's questions to Garmin Ltd (GRMN) leadership • Q1 2025

    Question

    Dong Wang asked for a high-level view on the consumer demand outlook for the second half of 2025 amid tariff uncertainty and whether Garmin's premium positioning offers protection. He also inquired about the company's pricing power as a mitigation tool and the margin outlook for the Auto OEM segment.

    Answer

    CEO Cliff Pemble responded that while there are no current signs of changing consumer behavior, the company has conservatively included the possibility of a modest weakening in demand. He believes Garmin's unique products will continue to attract buyers. Regarding pricing, Pemble confirmed it is a potential mitigation tool being evaluated on a case-by-case basis to optimize profit while maintaining market share. For Auto OEM, he reiterated the model of high-teens to 20% gross margin, noting they are working with partners on cost recoveries for tariffs.

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    Dong Wang's questions to Garmin Ltd (GRMN) leadership • Q3 2024

    Question

    Dong Wang from Barclays asked for clarification on the significant sequential inventory increase, questioning the sell-in versus sell-through dynamics. He also inquired how a softer revenue outlook for the Auto OEM segment might impact its medium-term margin profile.

    Answer

    President and CEO Clifton Pemble clarified the inventory build was internal to reach more comfortable service levels for Q4 demand, not a channel issue, and expressed confidence in sell-through based on strong product registration data. For Auto OEM, he stated gross margins should remain in the high-teens to 20% range, but acknowledged that lower sales volumes could pressure operating profitability due to the difficulty of covering fixed expenses.

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    Dong Wang's questions to Logitech International SA (LOGI) leadership

    Dong Wang's questions to Logitech International SA (LOGI) leadership • Q4 2025

    Question

    Dong Wang requested more detail on the estimated 500 basis point gross margin impact from tariffs, questioning its assumptions, and asked about additional levers for operating expense control beyond G&A.

    Answer

    CFO Matteo Anversa clarified that the 500 bps impact reflects tariffs and manufacturing diversification actions but *excludes* the positive offset from price increases. He reiterated that OpEx control will be laser-focused on G&A (contractors, T&E, hiring delays) to protect strategic investments in R&D and Sales & Marketing, while product cost engineering will also continue to be a key lever.

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    Dong Wang's questions to Logitech International SA (LOGI) leadership • Q2 2025

    Question

    Dong Wang asked about the standout performance in the EMEA region, seeking more detail on the growth drivers for the tablet and console gaming categories and which areas could sustain this momentum.

    Answer

    CEO Hanneke Faber attributed the EMEA success to 'outstanding execution' that significantly outperformed a flat market, driven by global Logi PLAY and Logi WORK events and strong in-store activation. She emphasized that recent innovations in tablets (Combo Touch) and gaming headsets (A50 X) have dramatically improved their gross margin profiles by approximately 10 and 5 percentage points, respectively. This makes them highly attractive and strategic growth categories that also help expand Logitech's business beyond the PC.

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    Dong Wang's questions to Celestica Inc (CLS) leadership

    Dong Wang's questions to Celestica Inc (CLS) leadership • Q1 2025

    Question

    Dong Wang inquired about new 1.6T switch wins, including the first OEM win, and the availability of components for the 2026 ramp. He also asked about the underappreciated services component of Celestica's business.

    Answer

    President and CEO Rob Mionis highlighted a strong bookings year and a new 1.6T program win with a major OEM, noting that mass production is still expected in the second half of 2026. CFO Mandeep Chawla confirmed this timeline is due to silicon development. Regarding services, Rob Mionis mentioned the NCS Global acquisition is a key part of their growing, higher-margin, full life cycle solution.

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    Dong Wang's questions to Celestica Inc (CLS) leadership • Q4 2024

    Question

    Dong Wang inquired about the coexistence and potential cannibalization between 400G, 800G, and 1.6T networking technologies. He also asked about Celestica's key differentiators, such as HPS, liquid cooling, and onshoring, that enable it to win new digital native customers against Asian ODMs.

    Answer

    President and CEO Rob Mionis explained that 400G and 800G technologies will coexist for a long time, with both platforms expected to grow in 2025. He attributed the recent major digital native win to Celestica's deep technical expertise, intellectual property, resilient multi-country supply chain, and its ability to deliver a complete, liquid-cooled RAC solution, which sets it apart from competitors.

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    Dong Wang's questions to Jabil Inc (JBL) leadership

    Dong Wang's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    Dong Wang from Barclays PLC asked about Jabil's positioning for co-packaged optics (CPO) following recent industry announcements. He also followed up on progress with hyperscalers for 800G and 1.6T transceivers and sought clarity on whether the strong server rack guidance was driven by a specific customer ramp-up or broader market trends.

    Answer

    Chief Executive Officer Mike Dastoor confirmed Jabil is well-positioned for CPO, particularly in switching gear, leveraging its silicon photonics assets. He reported good progress with hyperscalers on transceivers and noted Jabil will showcase its 1.6T capability at the upcoming OFC conference. Dastoor clarified the server rack strength is driven by both market share gains through consolidation and strong overall end-market growth, including emerging sovereign data center build-outs.

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    Dong Wang's questions to Corsair Gaming Inc (CRSR) leadership

    Dong Wang's questions to Corsair Gaming Inc (CRSR) leadership • Q4 2024

    Question

    Dong Wang inquired about the cadence of the new GPU refresh cycle and the key factors that would drive Corsair's results toward the high end of its full-year revenue guidance. He also asked for details on the levers for margin improvement in 2025.

    Answer

    CEO Andy Paul explained that significant pent-up demand from users with older GPUs is expected to drive a gradual but solid refresh cycle over the next two years. He noted that achieving the high end of guidance depends on this sustained demand. Paul also stated that improved gross margins, driven by a more stable market and a return to target levels in the mid-20s for components, are as significant a driver for 2025 EBITDA as revenue growth.

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    Dong Wang's questions to Corsair Gaming Inc (CRSR) leadership • Q3 2024

    Question

    Dong Wang inquired about Corsair's plan to improve EBITDA margins back to high single-digits and asked for an update on consumer demand trends and key indicators for the upcoming GPU refresh cycle.

    Answer

    CEO Andy Paul stated that margin improvement will be driven by sales of higher-margin products following new tech launches and the continued growth of the high-margin Peripherals business. He also noted strong consumer demand, evidenced by record Prime Day sales and increased retailer confidence. CFO Michael Potter added that with operating expenses controlled, revenue growth will more effectively translate to profit.

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    Dong Wang's questions to Flex Ltd (FLEX) leadership

    Dong Wang's questions to Flex Ltd (FLEX) leadership • Q2 2025

    Question

    Dong Wang asked for more detail on the growth cadence for the cloud business, questioning whether growth is driven by new logos or wallet share expansion and if it's concentrated in hyperscalers or colocation providers. He also followed up on Flex's proprietary IT products, particularly the liquid cooling partnership with JetCool, and its impact on the company's margin profile.

    Answer

    CEO Revathi Advaithi explained that growth is primarily driven by expanding wallet share across their existing customer base of hyperscalers and colocation providers, leveraging Flex's unique, vertically integrated portfolio of IT and power solutions. She described the JetCool partnership as a natural extension of their power and cooling expertise, creating proprietary IP. She confirmed that these higher-value product and design initiatives are margin accretive and a key part of the strategy driving Flex's overall margin expansion.

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    Dong Wang's questions to Nutanix Inc (NTNX) leadership

    Dong Wang's questions to Nutanix Inc (NTNX) leadership • Q4 2024

    Question

    Dong Wang asked for an update on customer dynamics related to the Broadcom-VMware acquisition and inquired about the feasibility of deploying Nutanix software on existing hardware without a refresh.

    Answer

    President and CEO Rajiv Ramaswami stated that the Broadcom opportunity remains a multi-year share gain prospect, though sales cycles are longer than anticipated. He noted strong new logo growth in mid-size and smaller customer segments. Ramaswami clarified that deploying on existing hardware is feasible for customers already on a competing HCI solution, as seen in a recent win, but a hardware refresh is typically required when replacing traditional 3-tier infrastructure.

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